Polymer has developed a layer 2 network that employs the Inter-Blockchain Communication (IBC) protocol—originally from the Cosmos ecosystem—to enable different blockchains to communicate. The company is building an Ethereum-based interoperability hub intended to address fragmentation and interoperability challenges arising from the proliferation of layer 2s. Polymer says existing interoperability solutions like token bridges have proven unreliable and susceptible to hacks, with billions lost in exploits, motivating its approach. The firm emerged from stealth nearly two years after closing a $3.6 million seed round. Polymer raised a $23 million Series A to advance development of its interoperability hub. The announcement frames the funding as financing to accelerate building and deployment of the IBC-based layer 2 solution for the Ethereum ecosystem.

Total raised

$23M

Funding rounds

1

Latest round

Series A

Latest activity

Jan 2024